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ETC Group launches crypto ETP based on Ethereum PoW hard fork

 


ETC Group officially announced the launch of a new Ethereum ETP on Wednesday. This is a reaction to the planned Ethereum merge. Scheduled for mid-September, the Ethereum Merge is a highly-anticipated upgrade that aims to shift the Ethereum blockchain from mining-based PoW to Proof-of-Stake (PoS).


ETC Group's new Ethereum ETP is based on a forked PoW Ethereum chain and represents a group of miners opposed to the switch from Ethereum to PoS. The PoW chain includes a new token called ETHW, which forms the basis for ETC Group's new physically-backed ETP called ETC Group Physical EthereumPoW or ETHWetc.


According to the announcement, ETHWetc is expected to be listed on Deutsche Boerse's Xetra electronic trading platform under the ticker symbol ZETW. ETC Group said the company expects the listing to occur shortly after the September 16 fork.


The company emphasized that the new ZETW will not replace the original ETC Group Physical Ethereum (ZETH). Current ZETH owners will automatically receive the new token (ZETW). ETC Group officials told Cointelegraph, "ZETH will continue to operate as it has before and will automatically migrate to ETH PoS along with The Merge."


Bradley Duke, founder and co-CEO of ETC Group, said the company's vision is to profit from hard forks of the underlying cryptocurrencies. “With that in mind, all holders of our Ethereum-based ETP will receive matching units of the new Ethereum PoW ETP for free shortly after the Ethereum hard fork,” he explained.


"We believe it is only right that investors in our products receive the proceeds of this fork."

The crypto industry is currently actively preparing for the planned Ethereum merge. As a result, companies are looking for new mining options or introducing Ethereum staking.

On Wednesday, the Swiss crypto platform SEBA Bank introduced Ether ( ETH ) staking for institutional investors . The institutional offering offers customers the opportunity to earn monthly rewards from their ether holdings, the bank said in a statement. Canadian crypto miner Hive Blockchain announced on Tuesday that it is working to replace ETH mining with other mining coins as Ethereum transitions to PoS.

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